CANTON – The Hall of Fame Resort & Entertainment Co. has entered into another loan amendment that increases its borrowing power from $20 million to $22 million.
CH Capital Lending increased the amount the Hall of Fame Resort can request for general purposes by $2 million, according to a recent U.S. Securities and Exchange Commission filing. The company has received two prior loan increases as it works toward closing a merger agreement that would take the company private.
At the same time, the termination date for the merger agreement has also been extended. Originally set to expire on Sept. 17, the deadline is now Oct. 31, according to the SEC filing.
The Hall of Fame Resort is the company behind the Hall of Fame Village development surrounding the Pro Football Hall of Fame. The complex consists of youth fields, retail and office space, but efforts to complete a hotel and water park have stalled due to a lack of funding.
Shareholders approved the merger agreement on Sept. 24. But the company has not received consent from creditors that hold 8% convertible notes due this year to exchange those notes for equity in HOFV Holdings LLC.
Under the merger agreement, HOFV Holdings LLC would purchase the Hall of Fame Resort’s outstanding stock for 90 cents per share. The publicly traded company would merge with Omaha Merger Sub Inc. and become a wholly owned subsidiary of the private HOFV Holdings company.
Developer Stuart Lichter, who is on the Hall of Fame Resort board, is president of HOFV Holdings LLC and is affiliated with CH Capital Lending. Neither he nor a Hall of Fame Resort spokeswoman returned recent messages seeking comment about the status of the merger agreement.
Reach Kelly at 330-580-8323 or kelly.byer@cantonrep.com
This article originally appeared on The Repository: Hall of Fame Resort & Entertainment Co. receives increased loan, third deadline extension
Reporting by Kelly Byer, Canton Repository / The Repository
USA TODAY Network via Reuters Connect
